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Your position almost seems to be that no borrower should by wpkirish

ever be held liable for submitting fraudulent financials to a potential lender. I understand the difficulty here because the lenders did not suffer losses (although without fraudulent financials they may have chaged a higher rate and made more money) and of course there could be competitors who would argue he received a comeptitive advantage with a lower rate based upon fraud.

NY as a state made the decison to pass a strict liability version for fraudlent financials Banks. Given the states role in the markets I can understand why they would pass that law.

If you dont think it should be enforced how would that be any different from a local prosecutor deciding not to prosecute retail theft under $1,000 even though the statute says $300 is a felony to use an example here in Illinois.